1.
General Information
Monynut Properties Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
01991130
. The registered office is 1 Baird Close, Crawley, West Sussex, RH10 9SY.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Revenue Recognition
Revenue represents rents receivable during the year.
2.3.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
The investment property was revalued by a professional valuer on 31st August 2023.
2.4.
Financial Instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flow.
2.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Monynut Properties Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
3.
Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
4.
Investment Property
| 2024 | |
|---|---|
| £ | |
| Fair Value | |
| As at 1 January 2024 and 31 December 2024 |
|
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Cost | 1,100,000 | 1,100,000 | |
A professional valuation of the investment property was carried out in August 2023 by Stiles Harold Williams. Based on current market condition,s the directors are satisfied that the value the property remains unchanged as at 31.12.24.
5.
Debtors
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| VAT |
|
|
|
| Amounts owed by group undertakings |
|
|
|
|
|
|
||
6.
Creditors: Amounts Falling Due Within One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Corporation tax |
|
|
|
| Accruals and deferred income |
|
|
|
| Amounts owed to parent undertaking |
|
|
|
|
|
|
||
7.
Provisions for Liabilities
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| As at 1 January 2024 |
|
241,250 |
| Deferred taxation |
|
|
| Balance at 31 December 2024 |
|
246,250 |
Monynut Properties Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
9.
Reserves
Non-distributable reserves
|
£
|
|
|
As at 1 January2024
|
743,750
|
|
Transfer from profit and loss account
|
-
|
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|
|
|
As at 31 December 2024
|
743,750
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10.
FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
11.
Ultimate Controlling Party
In the current and previous financial year, the company is a wholly owned subsidiary of Hanco Limted which itself is the wholly owned subsidiary of Cementaid International Holdings Ltd, both companies being incorporated in Hong Kong.
12.
Audit Information
The auditor's report on the accounts of
Monynut Properties Limited
for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by
Michael Neale
(Senior Statutory Auditor)
for and on behalf of
Neale Butler Limited
, Statutory Auditor.
|
Bassett House
5 Southwell Park Road
Camberley
Surrey
GU15 3PU
|